LIBRA Token Creator Fights New York Lawsuit Jurisdiction

The creator of the LIBRA token is trying to dismiss a New York class-action lawsuit, claiming lack of jurisdiction as the token was offered globally. The lawsuit alleges fraud and a $100 million siphon from investors. The token’s controversial rise and fall caused political turmoil in Argentina. A group of buyers have frozen assets tied to the project.

Davis argues that the LIBRA promotion was global and did not target New York residents. He claims the project was conceived in Argentina and did not specifically advertise to New York. The class group managed to freeze $57.65 million worth of USDC tied to the LIBRA project. The saga has caused a political scandal in Argentina.

The court must determine if the allegations against Davis have ties to New York. Davis is pushing for the lawsuit to be dismissed without prejudice. Meanwhile, the political fallout from the LIBRA token’s rise and fall continues in Argentina. The country’s corruption watchdog has cleared individuals allegedly tied to promoting LIBRA.

Read more at Cointelegraph: LIBRA Token Maker Says Class Lawsuit Lacks Jurisdiction